“Many lower-income parents could see their tax bills jump by thousands of dollars next year if nothing is done to stop a series of tax breaks from expiring January 1.

Unless Congress takes action before the end of the year, four important credits for families — The Child Tax Credit, Earned Income Tax Credit, Child and Dependent Care Credit and the American Opportunity Credit — will revert back to previous levels.

If this happens, many families will be worse off by hundreds — or even thousands…” story

You already saw on the news last night the head of the International Monetary Fund note that the US is at the edge of a “Fiscal Cliff” and pulling down the world economy. You also heard that the average American w/ earnings of about $40k will pay $2000 MORE in taxes for 2013. All this will bring … according the the IMF speaker, a new wave of great recession: “2%+ and 2%- = 0%, the math speaks”